1. What is Yuzit?
At it’s core Yuzit is a way to make all of our lives easier and more efficient, while consuming less in favor of using what we already have around us. Yuzit is a peer-to-peer marketplace that allows people to Borrow and Lend locally. Creating value and wasting less by using the stuff we already own while connecting people in local areas. Yuzit can help everyone by choosing access to stuff instead of ownership. Anyone can make money by lending the items they own yet rarely use and save money by borrowing the items they need but don’t want to buy. The value is in keeping the items we love…just in case we might want to use them. Why buy it when you can Yuzit!
2. How does Yuzit work?
Yuzit is divided into two main users: Borrowers & Lenders. Let’s see how each have the ability to YUZIT and make their lives easier:
- Post your items with the necessary details to Yuzit in just 2 minutes!
- Respond to Borrowers via notifications & chat with them via the secure in-app messaging system to keep your details private.
- Arrange a time and location for the Borrower to pick up the item & begin the transaction.
- The Borrower returns the item when finished and the payment is transferred to your account via Stripe… It’s that easy!
- Browse the products page or use the Search bar to locate any item you need.
- Respond to Lenders via notifications & chat with them via the secure in-app messaging system to keep your details private.
- Arrange a time and location with the Lender to pick up the item & begin the transaction.
- Message the Lender and return the item when finished. The payment is sent to the Lender via Stripe… It’s that easy!
3. Can I trust Yuzit to lend my stuff to strangers?
One of Yuzit’s core foundations is establishing a safe marketplace for all users. We can achieve this by having the following:
- User Profiles – Learn about the Borrowers and Lenders before setting up a transaction or chat with them to build trust.
- User Reviews & Ratings – All Borrowers and Lenders are rated by each other using a 5 star scoring system as well as additional comments to help build trust.
- SafeID – Borrowers and Lenders are encouraged to upload a copy of their Driver’s License or State ID which is verified by Yuzit and securely stored for safety.
- Transactions Count – A number is listed with each Borrower/Lender showing how many times an item has been shared increasing trust with users.
- Photo Proof – Pictures of the products both before and after the transaction are uploaded by the Borrower and Lender to Yuzit’s secure admin panel so that if there are any issues all parties are protected.
- Real Time Alerts – Get notified instantly when a Borrower or Lender contacts you.
In addition, Yuzit will also mediate any issues between Borrowers and Lenders should a transaction be unsuccessful so that our users are treated fairly, can maintain their privacy and everyone can transact in a safe and secure marketplace. The reviews act as a social currency and the more negative reviews a user has the more unsuccessful they will be within Yuzit.
4. How does the return policy work when I’m finished Borrowing or Lending an item?
When the transaction is completed it’s classified as one of the following:
- Successful Return – The item is returned to the Lender with no issues and the full deposit is returned to the Borrower.
- “Wear & Tear” Return – The item is returned to the Lender with more “wear and tear” than normal use but can still be posted again on Yuzit for lending. The deposit is returned to the Borrower and the Lender will rate the Borrower lower as necessary in the reviews due to excessive “wear and tear” of the item.
- Unsatisfactory Return – The item is not returned or damaged to the point that it can no longer be reused by the Lender on Yuzit and the full deposit is kept by the Lender.
If there is a disagreement between the Borrower and Lender as deemed “Unsatisfactory” by either party then automatically Yuzit will mediate the transaction, look at the photos that were posted at the time of pick up/return and make a decision as necessary for either Borrower or Lender. All decisions made by Yuzit will be final and not subject to appeal.
5. What are some of the items that people are Borrowing and Lending on Yuzit?
There are many different types of items that we need access to. Here are the most popular items to Borrow and Lend:
- Tools: drill, ladder, hammer, saw, sewing machine
- Events & Parties: gazebo, fans, tables folding chairs, coolers, BBQ
- Kitchenware: blenders, baking pans, plates, glasses
- Sports: bikes, skis/snowboards/sleds, balls, bats
- Camping: tents, backpacks, lights
- Electronics: cameras, gaming consoles, projectors, printers, hover boards
- Music & Instruments: guitars, keyboards, amps, speakers
- Bags: purses, handbags, luggage
- Games & Toys: board games, toys
- Clothing: women’s and men’s jackets, pants, costumes, seasonal
The following items are considered BANNED ITEMS and cannot be posted to the Yuzit app:
- All illegal items as per the United States CBP
- Weapons (guns, knives, bows, stun guns, bullets, explosives, etc)
- Single Use Items (disposable goods of any kind)
- Living things (people, animals, plants, etc)
- Items of sexual nature (pornographic media, photos, sex toys, etc)
- Media files (music or video, hard copy or digital)
- Food or Hygienic items (deodorant, toothpaste, perfume, etc)
- Any item that has a replacement value (deposit) over $1,000
- Items you do not own or the right to lend out or sublet (stolen, etc)
- Irreplaceable items or sentimental items that you don’t want damaged
6. Why Borrowing & Lending vs Buying?
- Make money from the items you own yet rarely use WHILE keeping the items you love without having to sell them.
- Save money by having access to the items you want without having to buy them.
- It’s good for the environment. We waste less and use more of what we already have. It’s a more efficient way to consume.
- “Try it before you Buy it” – never worry again about buying something and wondering if you’ll like it when you can Yuzit first!
7. How does the payment process work?
The Borrower is charged at the completion of the reservation and this happens when the item is returned to the Lender. There will be a pre-authorization on the Borrower’s card as soon as the reservation is submitted for the estimated amount on the transaction. As soon as the reservation has been completed the pre-authorization will be released and there will be a charge for the amount of the transaction. The deposit will not be released to the Lender as long as it’s considered a “Successful” or “Wear & Tear” transaction. If the transaction is considered to be Unsuccessful (the item is either not returned or returned but can no longer be reused by the Lender on Yuzit) then the full deposit will be kept by the Lender. The Lender will receive the payment at the end of the transaction and transferred tot heir account which was previously set up with Stripe.
The Yuzit service fee is 10% for the Borrower & Lender for all transactions and is automatically either added or deducted to or from the total price of the transaction. If the Borrower and Lender are in agreement to extend the time of the transaction then the hourly or daily rate will apply directly after the item’s initial return time has ended. If any item is not returned to the Lender within 7 days after the transaction period begins, then the full deposit is kept by the Lender. Items can only be borrowed for a maximum of 7 days before they will be re-posted again and the transaction will start over again.